NEW YORK, April 4, 2019 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in First Choice Healthcare Solutions, Inc. (“First Choice” or the “Company”)(Other OTC:FCHS) of the May 28, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in First Choice stock or options between April 1, 2014 and November 14, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/FCHS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of all those who purchased First Choice common stock between April 1, 2014 and November 14, 2018 (the “Class Period”). The case, MAZ Partners LP v. First Choice Healthcare Solutions, Inc. et al., No. 6:19-cv-00619 was filed on March 29, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose their involvement in a pump and dump scheme that manipulated and artificially inflated the price of First Choice common stock, rendering certain of their public statements materially misleading.
On November 14, 2018, the DOJ filed its criminal indictment against Romandetti and his co-conspirators. On November 15, 2018, the DOJ issued a press release announcing the indictment and that it had charged Romandetti “and his associates Frank Sarro, Jeffrey Miller, and Mark Burnett with conducting a pump and dump scheme in coordination with Elite Stock Research (ESR), a boiler room, to defraud investors in FCHS…. The charges include conspiracies to commit securities fraud, wire fraud and money laundering, and substantive securities fraud.”
That same day, the SEC filed a complaint and issued a press release announcing its charges “for defrauding elderly and unsophisticated investors.” The SEC alleged that Romandetti, Elite Stock Research, Mark Burnett, Jeffrey Miller, Anthony Vassallo and Frank Sarro, manipulated First Choice’s “shares generating more than $3.3 million of illegal profits and more than $560,000 in kickbacks for Romandetti.”
On this news, First Choice’s share price fell from $1.01 per share on November 14, 2018 to a closing price of $0.35 on November 15, 2018: a $0.66 or a 65.35% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding First Choice’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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